The Automotive Thermal Management Market is projected to grow at a CAGR of 3.32% from 2018 to 2025, and the market size is estimated to grow from USD 52.69 Billion in 2018 to USD 66.10 Billion by 2025. The market is anticipated to grow owing to various reasons such as the growing vehicle production, shifting focus toward vehicle safety and passenger comfort, and increasing stringency in emission regulations.
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Passenger car is estimated to be the largest segment in the automotive thermal management market
Factors such as growing consumer disposable income and increasing vehicle ownership with easy finance options have led to the rise in passenger car sales. Owing to these reasons, the passenger car segment is witnessing tremendous growth in the Asia Oceania region, particularly in developing countries such as India and China. The demand for technologies such as active transmission warm-up is increasing in passenger cars as it helps in making transmission system efficient by reducing parasitic losses. It can offer fuel economy of up to 4% at a very reasonable cost. Owing to these factors, the passenger car segment is estimated to be the largest.
Waste heat recovery is estimated to be the fastest-growing segment of the automotive thermal management market
A waste heat recovery system is an energy recovery system that transfers heat from process outputs at high temperature to another part of the process for maintaining the vehicle temperature. This technology is an efficient way to save fuel and reduce CO2 emissions from vehicles. Today, very less manufacturers are using waste heat recovery systems in their vehicles such as BMW and Ford. However, with increasing technological advancements, waste heat recovery will see tremendous growth as it can offer efficient thermal management in the vehicle. The future waste heat recovery systems include waste heat recovery through thermoelectric generators, exhaust waste heat recovery systems, and organic rankine cycle waste heat recovery system.
Asia Oceania is estimated to be the leading market for the automotive thermal management market
The study considers countries such as China, Japan, India, South Korea, and countries in the Asia Oceania region. These countries are witnessing a huge population growth. With the availability of economic labor, lenient regulations for environment and safety, and increased FDI for the automotive industry in countries such as India, and growing demand for vehicles, OEMs, and system/component suppliers have shifted their focus to this region. In this region, the demand for front and rear a/c and ventilated seats is increasing owing to the hot climate compared to other regions. Also, the demand for performance and comfort in vehicles is increasing. Hence, the region is anticipated to have the largest share of the automotive thermal management market.
The study identifies leading players in the automotive thermal management market as Denso (Japan), Gentherm (US), MAHLE (Germany), Valeo (France), BorgWarner (US), Dana (US), Calsonic Kansei (Japan), Eberspächer (Germany), Continental (Germany), and Schaeffler (Germany). These companies collectively account for a major share of the automotive thermal management market.
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Automotive Thermal Management Market Hit New Highs in Near Future by 2018-2025
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